General Information
PROXIMA SYSTEMS LTD is a private company, limited by shares, registered in England and Wales, registration number 07288601, registration address 31a Burton Road, , London, , NW6 7LL.
The presentation currency is £ sterling.
| 1. |
Accounting policies
Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognized in the statement of income, except to the extent that it relates to items recognized in other comprehensive income or directly in capital and reserves. The companys liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Fixtures and Fittings |
15 Reducing Balance
|
| Plant and Machinery |
15% Reducing Balance
|
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
|
| 2. |
Average number of employees
Average number of employees during the year was 2 (2024 : 2).
|
| 3. |
Intangible fixed assets
| Cost |
Other |
|
Total |
| |
£ |
|
£ |
| At 01 August 2024 |
1,834 |
|
1,834 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 July 2025 |
1,834 |
|
1,834 |
| Net book values |
| At 31 July 2025 |
1,834 |
|
1,834 |
| At 31 July 2024 |
1,834 |
|
1,834 |
|
| 4. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 August 2024 |
28,748 |
|
- |
|
28,748 |
| Additions |
- |
|
716 |
|
716 |
| Disposals |
- |
|
- |
|
- |
| At 31 July 2025 |
28,748 |
|
716 |
|
29,464 |
| Depreciation |
| At 01 August 2024 |
23,975 |
|
- |
|
23,975 |
| Charge for year |
716 |
|
107 |
|
823 |
| On disposals |
- |
|
- |
|
- |
| At 31 July 2025 |
24,691 |
|
107 |
|
24,798 |
| Net book values |
| Closing balance as at 31 July 2025 |
4,057 |
|
609 |
|
4,666 |
| Opening balance as at 01 August 2024 |
4,773 |
|
- |
|
4,773 |
|
| 5. |
Investments
| Cost |
Other investments other than loans |
|
Total |
| |
£ |
|
£ |
| At 01 August 2024 |
262,067 |
|
262,067 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 July 2025 |
262,067 |
|
262,067 |
|
| 6. |
Debtors: amounts falling due within one year
|
2025
£ |
|
2024
£ |
| VAT Refundable |
1,915 |
|
2,406 |
| CTAX Refundable |
6,764 |
|
6,764 |
| PAYE & Social Security |
0 |
|
211 |
|
8,679 |
|
9,381 |
|
| 7. |
Creditors: amount falling due within one year
|
2025
£ |
|
2024
£ |
| Corporation Tax |
3,844 |
|
2,890 |
| PAYE & Social Security |
401 |
|
0 |
| Other Creditors |
1 |
|
(1) |
| Wages & Salaries Control Account |
1,194 |
|
0 |
| Accountancy Fees |
3,525 |
|
2,475 |
| Directors' Current Accounts |
30,559 |
|
30,410 |
|
39,524 |
|
35,774 |
|
| 8. |
Share premium account
|
2025
£ |
|
2024
£ |
| Equity Share Premium b/fwd |
48,687 |
|
48,687 |
|
48,687 |
|
48,687 |
|
2
|